Northern Ireland power supplier Open Electric have announced it was cutting its electricity prices by 8.6 percent with immediate effect.

The company, which launched last year with a pledge to provide new customers with a clear and simple one-rate charge per unit confirmed that the discount also applies to keypad and credit bill customers.

Open Electric, which has already promised to reward its loyal customers with an annual credit payment as part of a share in its success, said that from February 1st, 2016, its new tariff rate would be 13.39p per kWh (including VAT), a cut of 8.6 per cent and now the cheapest available in Northern Ireland.

The company said it wanted customers to directly benefit from the savings being made as a result of falling wholesale energy prices which have reduced the cost of producing electricity.

Open Electric Managing Director, Marc Norris, said: “We launched into a competitive market with a compelling offer of simplicity, transparency and a pledge to support our loyal customers and we are pleased to be able to announce what is a significant cut in our retail price, which will benefit customers right across Northern Ireland.”

“With Open Electric, there are no confusing contract tie-ins linked to temporary discounts. We provide one simple competitive rate and a choice of free billing options. It really is that simple.”

The company was set up by Northern Ireland electricity specialist and entrepreneur Marc Norris, formerly a technical analyst with SONI - the organisation responsible for overseeing the transmission network in Northern Ireland.

Operating since October 19, Open Electric is one of Europe’s first “socially-aware” power suppliers, which promises to make significant donations to local charity.